Gulfsands Petroleum plc, the oil and gas production, exploration and development company with activities in Syria, Morocco, Colombia, Tunisia and the U.S.A., is pleased to provide the following statement in advance of the Company’s Annual General Meeting to be held today at 10.00am in London.
Since the declaration of force majeure in respect of our Syrian operations on 11th December 2011, over two and a half years have passed since the Company has been in receipt of any significant revenue.
During this period, the Board and Senior Management have pursued two overriding priorities and have at all times sought to ensure that shareholders have been consulted and kept properly informed.
A key priority for management has been to keep the Company’s production and exploration assets in Syria intact, to preserve title to those assets and to do what has been possible to protect and sustain a limited number of our key staff, while at the same time complying absolutely with relevant sanctions. To date the Company continues to be successful in these endeavours.
Although the Company’s Syrian assets may understandably be perceived by the capital markets to presently be of limited value, the Board continues to believe that they will in due course once again be of substantial strategic value, as and when the tragic events in Syria reach a resolution.
The other priority has been to use the Company’s accrued cash balances, its technical expertise and experience and the contacts and credibility of senior management to diversify its portfolio and rebuild a viable exploration and production business, outside Syria but retaining a primary Middle East and North Africa focus.
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